Plaza Lodging, LLC-Second Amendment to Tax Abatement Agreement-CN 2021-07-13STATE OF TEXAS §
§ SECOND AMENDMENT TO TAX ABATEMENT AGREEMENT
COUNTY OF DALLAS §
This Second Amendment to Tax Abatement Agreement (the "Agreement") is entered into by
and between the City of Coppell, Texas (the "City"), and Plaza Lodging, LLC, a Texas limited
liability company ("Owner") (each a "Party" and collectively the "Parties"), acting by and through
their authorized representatives.
WITNESSETH:
WHEREAS, the Parties entered into that certain Tax Abatement Agreement dated
January 12, 2017, as amended by that certain First Amendment to Tax Abatement Agreement dated
December 28, 2017 (collectively the "Tax Abatement Agreement"); and
WHEREAS, the Parties desire to amend Section 4.2 of the Tax Abatement Agreement to
extend the date for Completion of Construction of the Improvements, as set forth herein
NOW, THEREFORE, in consideration of the mutual benefits and promises contained
herein and for other good and valuable consideration, the adequacy and receipt of which is hereby
acknowledged, the Parties agree as follows:
1. That Section 4.2 of the Tax Abatement Agreement is hereby amended to read as
follows:
"4.2 As a condition precedent to the initiation of the Owner's tax
abatement pursuant to this Agreement, Owner agrees, subject to events of Force
Majeure, to cause Commencement of Construction of the Improvements to occur on
or before January 1, 2018, and subject to events of Force Majeure to cause
Completion of Construction of the Improvements to occur on or before September 30,
2023, as good and valuable consideration for this Agreement, and that all construction
of the Improvements will be in accordance with all applicable state and local laws,
codes, and regulations (or valid waiver thereof)."
2. That this Second Amendment to the Tax Abatement Agreement shall take effect on
the last date of execution hereof.
3. That the Tax Abatement Agreement, except as amended herein, shall remain in full
force and effect.
4. That this Second Amendment to the Tax Abatement Agreement may be executed in
counterparts. Each of the counterparts shall be deemed an original instrument, but all of the
counterparts shall constitute one and the same instrument.
PAGE 1 SECOND AMENDMENT TO TAX ABATEMENT AGREEMENT
CITY OF COPPELL AND PLAZA LODGING, LLC (TM 123253)
5. That each Party represents that it has full capacity and authority to grant all rights
and assume all obligations that are granted and assumed under this Second Amendment to the Tax
Abatement Agreement.
EXECUTED in duplicate originals the ^ay of V V , 2021.
CITY O%FCOPPELL, XAS
By: Vo
Wes Mays, Mayor
Attest:
By:
Ashley Ow s City Secretary
Approved as orm:
By:
City Attorney
EXECUTED in duplicate originals the /?day of 400'r , 2021.
PLAZA LODGING, LLC
By:
�;�40/
Dilip P. Pranav, Owner
PAGE 2I SECOND AMENDMENT To TAX ABATEMENT AGREEMENT
CITY OF COPPELL AND PLAZA LODGING, LLC (TM 123253)
5. That each Party represents that it has full capacity and authority to grant all rights
and assume all obligations that are granted and assumed under this Second Amendment to the Tax
Abatement Agreement.
EXECUTED in duplicate originals the !J day of , 2021.
EXECUTED in duplicate originals the
CITY OF COPPELL, TE S
By:
es Mays, Mayor
Attest:
By: 0--L�LAJ.Ak.
Ashley Owe t
ity Secretary
day of , 2021.
PLAzA LODGING, LLC
By:
Dilip P. Pranav, Owner
PAGE 2 SECOND AMENDMENT TO TAX ABATEMENT AGREEMENT
CITY OF COPPELL AND PLAZA LODGING, LLC (TM 123253)